Singapore: Oil prices fell on Tuesday as an economic slowdown starts to dent energy demand, but markets won some support after Saudi Arabia said a consensus was emerging with other producers about extending supply cuts.
Front-month Brent crude futures were at $60.97 at 0648 GMT. That was 31 cents, or 0.5%, below last session’s close.
U.S. West Texas Intermediate (WTI) crude futures were at $53.05 per barrel, down 20 cents, or 0.4%, from their last settlement.
Oil futures are around 20% below 2019 peaks reached in late April, with May posting the sharpest monthly declines since November.
Other energy prices, like coal and gas, are also being hit hard by the downturn.
